If you are to define the great Australian dream the very first picture that comes to mind is a quarter-acre block, a car in your garage, a BBQ set, and maybe a couple of kids playing backyard rugby. However, according to recent reports, this dream is now slowly changing. People are now craving for more. While this may not be necessarily a “bad” thing, the question is, are your aspirations grounded in reality?
Change of scenery?
HASI 2014 survey has revealed property investment is still in line with the great Australian dream, just not not in the way you might think. Today, instead of aiming to buy and pay the bills, many Aussies are looking at the bigger picture. They are now working towards several property goals (which is definitely a good thing). This drive towards competitive goals include a primary residence, holiday home, and investment property.
The study shows 30-32% of homeowners are aiming to buy another property, and most are expecting within the next 4 or 5 years. Half of those who did not own a home were hoping to buy within 4 or 5 years as well. And 25% who did not own any property were also hoping to buy within 5 years.
Crave for more properties
The survey also shows that the majority of the people is planning to work hard for property investment, particularly in residential real estate and 62% of them also expect to travel overseas, while 39% expects to buy a car. And those who already own a home/property and plan to buy another, 75% want to travel in the next five years and 67% of those who do not own their home, but are hoping to buy also want to travel.
So how are we going to chase these bigger dreams?
Aussies are open to many different strategies to achieve these financial goals and lifestyle aspirations. According to the survey, 13% said they will work two jobs, 12% plan to get from other financial assets, 6% may sell valuables and 4% consider leasing out a room once they’d bought a property.
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